Stumpage prices are driven by demand and supply.

I can think off the top of my head of at least 5 paper mills between AL & MS that have shut down in the past 15 years or so. Rough estimate at least 10 million tons of demand per year. Really no new greenfield startups as it’s nearly impossible to permit a new paper mill.

Finally staring to see some new solid wood mills coming online which should begin to increase sawlog stumpage prices. Some existing paper mills are expanding capacity which will drive puplwood stumpage prices up in some localized areas. However for areas that lack the local markets (North AL & MS) the impacts will likely be minimal.